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Schweikert warns Social Security could exhaust by 2032, 24% cut.

6/3/2026

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Summary

Schweikert Warns SS

Rep. David Schweikert warned the Social Security trust fund could run out by 2032, triggering a 24% benefit cut.
He estimated that 1.4 million Arizonans would lose $511 per month, that each day of delay adds $7.7 billion to the gap, and that the first-year shortfall could reach $638 billion.
He suggested a temporary FICA payroll-tax cut to keep older workers employed and said fixing Social Security needs about a dozen actions.

Summary

Social Security Cuts

A 24% cut would strip $345 billion in benefits in one year, 1.1 % of U.S. GDP.
Maine, West Virginia and Vermont would see over 22 % of residents hit, with at least 10 % affected in every state.
A Senior Citizens League poll found 73 % of retirees rely on Social Security for more than half their income.

History

Historical Context

In August 1935 President Franklin D. Roosevelt signed the Social Security Act, establishing a federal old-age insurance program funded by payroll taxes. After the 1983 amendments—prompted by the National Commission on Social Security Reform and adding benefit taxation—the solvency weakened, and the 2024 trustees now project the OASI trust fund will be exhausted by 2035, a risk Rep. David Schweikert says could force benefit cuts.

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Schweikert Warns SS

Rep. David Schweikert warned the Social Security trust fund could run out by 2032, triggering a 24% benefit cut.
He estimated that 1.4 million Arizonans would lose $511 per month, that each day of delay adds $7.7 billion to the gap, and that the first-year shortfall could reach $638 billion.
He suggested a temporary FICA payroll-tax cut to keep older workers employed and said fixing Social Security needs about a dozen actions.

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